Freeport-McMoRan (FCX) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and financial results in Q2 2026, with copper and gold sales volumes exceeding expectations, robust performance at Grasberg and in the Americas, and a focus on copper leadership and long-lived assets.

• Grasberg Block Cave ramp-up is on schedule, with production rates doubling during the quarter and remediation following the 2025 mud rush incident progressing as planned.

• Increased Cerro Verde ownership to 55.66% through purchase of 2 million shares, investing $107 million.

• Returned $600 million to shareholders in 1H 2026, including $200 million in share repurchases.

• Positioned for future growth with a pipeline of brownfield projects, innovative leach initiatives, and major expansions in the U.S. and Chile.

Financial highlights

• Consolidated net income rose 65% in 1H 2026 compared to 1H 2025, with Q2 2026 net income attributable to common stock at $984 million ($0.68/share).

• Q2 2026 revenues were $7.03 billion; operating cash flows reached $2.0 billion, and adjusted EBITDA for 2Q26 was $3.5 billion.

• Copper sales in Q2 2026 were 710 million lbs, gold sales 123k oz, and molybdenum sales 25 million lbs; average realized copper price was $6.17/lb.

• Net debt at June 30, 2026 was $2.1 billion (excluding Indonesian downstream projects), with cash and cash equivalents at $4.1 billion.

• Returned $600 million to shareholders in 1H 2026, including $200 million in share repurchases.

Outlook and guidance

• 2026 copper sales expected at 3.1 billion lbs, gold at 650k oz, and molybdenum at 93 million lbs; Q3 2026 guidance: 750 million lbs copper, 160k oz gold, 22 million lbs molybdenum.

• Full-year 2026 average unit net cash costs for copper expected at $1.90/lb; operating cash flows projected at $8.3 billion for 2026 at $6.00/lb copper.

• 2027 capital expenditures forecast at $4.8B, up $300M from April, mainly for mining equipment and project investments.

• Bagdad expansion decision expected in 2H 2026, with capital costs now estimated at $4.5B, about 30% above 2023 estimates.